Over 600,000 Australian taxpayers have invested in crypto-assets in recent years. The ATO has recently issued a reminder that although many people may believe that gains made through cryptocurrency trading are tax-free, or only taxable when the holdings are cashed back into “real” Australian dollars, this is not the case – capital gains tax (CGT) […]
Is your private health insurance getting more expensive every year? Part of the reason could be that the government has once again introduced legislation to freeze the related income thresholds, which were originally meant to be indexed with inflation on 1 April each year. While the government likes to blame the funds for hikes adding […]
The Federal Government has announced a temporary COVID Disaster Payment to assist workers who live or work in a Commonwealth declared hotspot, who are unable to attend work and earn an income as a result of state-imposed health restrictions that last for longer than one week. The payment, available for Australian citizens, permanent residents and […]
Emails impersonating myGov The ATO and Services Australia have issued a warning about a new email phishing scam doing the rounds. The emails claim to be from “myGov” and include screenshots of the myGovID app. myGovID can be used to prove who you are when accessing Australian government online services. The scam emails ask people […]
If your business has provided fringe benefits to your employees, you should be aware that the 2021 FBT return (for the period 1 April 2020 to 31 March 2021) is due, and payment of any associated FBT liability is required immediately. If you prepare your own return, it can be lodged up until 25 June […]
As a part of a suite of measures introduced by the government to combat phoenixing activities, the ATO now has the power to retain an income tax refund where a taxpayer (including both businesses and individuals) has outstanding notifications. The discretion to retain refunds previously only applied in relation to notifications under the business activity […]
As the economy adjusts to the removal of most COVID-19-related government support measures, coupled with the slow national vaccination rollout and mostly closed international borders, there is no doubt that many Australians are facing financial difficulties in the immediate short term. If you have a tax debt that is compounding your financial difficulties, there may […]
The ATO has announced it will run a new data-matching program to collect property management data for the 2018–2019 to 2022–2023 financial years, and will extend the existing rental bond data-matching program through to 30 June 2023. Each year the ATO conducts reviews of a random sample of tax returns to calculate the difference between […]
COVID-19 has changed many people’s work situations, and the ATO expects their work-related expenses will reflect this during tax time in 2021. In 2020 tax returns, around 8.5 million Australians claimed nearly $19.4 billion in work-related expenses. “Our data analytics will be on the lookout for unusually high claims this tax time”, Assistant Commissioner Tim […]
Are you ready for Tax Time 2021? Tax time 2021 is almost here, but it’s likely to be anything but routine. Many people on reduced incomes or who have increased deductions may be eager to lodge their income tax returns early to get their hands on a refund. However, as always the ATO is warning […]
Click here for the Tax Return Checklist. Click here for the Superannuation Fund Tax Return Checklist. Click here for the Company, Trust Fund or Partnership Tax Return Checklist. […]
FEDERAL BUDGET May 2021 SUPERANNUATION Superannuation contributions work test to be repealed from 1 July 2022 The superannuation contributions work test exemption will be repealed for voluntary non-concessional and salary sacrificed contributions for those aged 67 to 74 from 1 July 2022. As a result, individuals under age 75 will be allowed to make or […]
FEDERAL BUDGET May 2021 TAX COMPLIANCE AND INTEGRITY Allowing small businesses to pause disputed ATO debt recovery The Government will introduce legislation to allow small businesses to pause or modify ATO debt recovery action where the debt is being disputed in the Administrative Appeals Tribunal (AAT). Treasurer Josh Frydenberg had earlier announced this measure on […]
FEDERAL BUDGET May 2021 BUSINESS TAXATION Employee share schemes: cessation of employment removed as a taxing point The Government will remove the cessation of employment as a taxing point for tax-deferred employee share schemes (ESSs). There are also other changes designed to cut “red tape” for certain employers. Cessation of employment change Currently, under a […]
FEDERAL BUDGET May 2021 BUSINESS TAXATION Loss carry-back extended by one year Under the temporary, COVID-driven restoration of the loss carry-back provisions announced in the previous Budget, an eligible company (aggregated annual turnover of up to $5 billion) could carry back a tax loss for the 2019–2020, 2020–2021 or 2021–2022 income years to offset tax […]